Railways Exam > Railways Questions > A man purchased a cycle for Rs. 3,000/ - and ...
Start Learning for Free
A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.
- a)Rs. 260
- b)Rs. 240
- c)Rs. 280
- d)Rs. 300
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the ...
From given data,
Principal P = Rs. 3000
Rate R = 12%
Time T = 1/12 year
Amount divided into 12 months = Rs.3000/12 = Rs. 250
Simple interest for one month = P × T × R/100 = 3000 × 1/12 × 12 /100 = Rs. 30
∴ Amount for each installment = 250 + 30 = Rs. 280
Principal P = Rs. 3000
Rate R = 12%
Time T = 1/12 year
Amount divided into 12 months = Rs.3000/12 = Rs. 250
Simple interest for one month = P × T × R/100 = 3000 × 1/12 × 12 /100 = Rs. 30
∴ Amount for each installment = 250 + 30 = Rs. 280
Most Upvoted Answer
A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the ...
Given:
- Cost of the cycle = Rs. 3,000/-
- Interest rate = 12%
- Repayment period = 12 months
To find:
- Amount of each monthly installment
Solution:
To calculate the monthly installment, we need to find the total amount to be repaid and then divide it by the number of months.
Step 1: Calculate the total amount to be repaid
The total amount to be repaid includes the principal amount (cost of the cycle) and the interest.
Interest = (Principal * Rate * Time) / 100
= (3000 * 12 * 1) / 100
= 360
Total amount to be repaid = Principal + Interest
= 3000 + 360
= 3360
Step 2: Calculate the monthly installment
The monthly installment is calculated by dividing the total amount to be repaid by the number of months.
Monthly installment = Total amount to be repaid / Number of months
= 3360 / 12
= 280
Therefore, the amount of each monthly installment is Rs. 280.
- Cost of the cycle = Rs. 3,000/-
- Interest rate = 12%
- Repayment period = 12 months
To find:
- Amount of each monthly installment
Solution:
To calculate the monthly installment, we need to find the total amount to be repaid and then divide it by the number of months.
Step 1: Calculate the total amount to be repaid
The total amount to be repaid includes the principal amount (cost of the cycle) and the interest.
Interest = (Principal * Rate * Time) / 100
= (3000 * 12 * 1) / 100
= 360
Total amount to be repaid = Principal + Interest
= 3000 + 360
= 3360
Step 2: Calculate the monthly installment
The monthly installment is calculated by dividing the total amount to be repaid by the number of months.
Monthly installment = Total amount to be repaid / Number of months
= 3360 / 12
= 280
Therefore, the amount of each monthly installment is Rs. 280.
Attention Railways Students!
To make sure you are not studying endlessly, EduRev has designed Railways study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Railways.
|
Explore Courses for Railways exam
|
|
Similar Railways Doubts
Top Courses for RailwaysView all
A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer?
Question Description
A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer?.
A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer?.
Solutions for A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Railways.
Download more important topics, notes, lectures and mock test series for Railways Exam by signing up for free.
Here you can find the meaning of A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer?, a detailed solution for A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.a)Rs. 260b)Rs. 240c)Rs. 280d)Rs. 300Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Railways tests.
|
|
Explore Courses for Railways exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup